A Market Surfing the Highs

26Mar11:00 amEST

Collusion at the Highest Level

In an otherwise moribund casual dining sector full of sickly charts like HABT NDLS and RRGB, among many others, one would almost surmise that collusion existed with respect to some of the consistently outperforming names. Specifically, CMG DRI MCD SBUX WING have led the charge and continue to sport sound technicals on virtually all timeframes....

25Mar3:18 pmEST

It Defeats Its Own Purpose

Working our way through the final hour of a much slower, more mixed session than some of the one-way bullet trains up and down we saw last week, it is worth making another observation regarding the significant Russell 2000 Index. On the updated IWM daily chart, below, which is the Russell's actively-traded ETF, we can see price trapped in a...

25Mar10:31 amEST

Playing the Patience Game

Further selling, albeit far less intense than what we saw Friday, in the broad market this morning offsets what bulls hoped would be a Mueller report rally. Instead, the overhang of global growth concerns coupled with possible end of quarter seasonal weakness continues to blunt the upside momentum we saw in various tech plays throughout last...

22Mar11:13 amEST

Assessing the Damage

A post-earnings selloff in Dow component Nike coupled with fears about slowly growth in the economy at-large, seem to be the reasons du jour for a broad market dip this morning. When see a prominent Dow holding like NKE off by more than 5.5% it is almost always going to pressure the Dow itself a bit. But regarding the other major indices the...

21Mar3:24 pmEST

Let's See Even More Heart Now

Despite the U.S. Dollar snapping back today after yesterday's remarkably dovish FOMC, precious miners fought back to green this afternoon and bucked the traditional inverse relationship between the Dollar and gold/miners. For a while now we know that precious miners have steadily improved, dating all the way back to a trough in September 2018....

21Mar11:38 amEST

March Madness Plays

(Above graph courtesy of @JeffDLowe on Twitter and of Barstool Sports) With the NCAA Men's Basketball Tournament already underway with the play-in games the last two nights, the traditional tournament games tip off this afternoon. Unlike the Super Bowl, the NCAA tourney's television ratings are not quite as strong as you think. The games are...

20Mar5:28 pmEST

Stock Market Recap 03/20/19 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening to members of Market Chess Subscription Services. In the longer version, I offer tons of actionable trade ideas, educational content, and in-depth objective analysis across all markets. If you enjoy my videos and blog posts, then please...

20Mar11:03 amEST

Oozing Confidence

Some index weakness in front of the FOMC later today is driving home the point that this market continues to digest recent gains as we approach both the end of the month and first quarter of trading. It remains to be seen if the Fed is bold enough to talk up a hawkish game this afternoon, one which could spook markets, or instead if they...

19Mar5:42 pmEST

Stock Market Recap 03/19/19 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening to members of Market Chess Subscription Services. In the longer version, I offer tons of actionable trade ideas, educational content, and in-depth objective analysis across all markets. If you enjoy my videos and blog posts, then please...

19Mar10:33 amEST

A Market Surfing the Highs

Even with small caps flipping slightly red as I write this, the broad market is largely hanging onto gains since Christmas and, in some cases, building on them yet. To be sure, looking for a near-term market top seems like it is overdue. However, that's just it: Sentiment is far from euphoric and stocks mostly are not cracking. If anything,...